EFTA00198019

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>3</td></tr><tr><td>Transaction Detail</td><td>4</td></tr><tr><td>Fund Activity</td><td>4</td></tr></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





INSTITUTIONAL INTERESTS

FINANCIAL TRUST CO TTEE *

ATTN JEANIE BRENNEN

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

Your Portfolio at a Glance



INSTITUTIONAL INTERESTS





ACCOUNT NUMBER

TAXPAYER NUMBER



<table border="1"><tr><td>NET CREDIT BALANCE</td><td>30,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>31,751,170</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$31,781,628</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>31,703,187</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>78,441</td></tr></table>

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

Market Value of Your Portfolio

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for your records. See reverse side for important information.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00198021



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$232.45</td></tr><tr><td>Money Fund</td><td>48,214.91</td></tr><tr><td>Funds Deposited</td><td>30,225.94</td></tr><tr><td>Amount Credited</td><td>$78,440.85</td></tr><tr><td>Money Fund</td><td>-48,214.91</td></tr><tr><td>Amount Debited</td><td>$-48,214.91</td></tr><tr><td>Net Cash Activity</td><td>30,225.94</td></tr><tr><td>Closing Balance</td><td>$30,458.39</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>232.45</td><td>30,458.39</td></tr><tr><td>Net Cash Balance</td><td>$232.45</td><td>$30,458.39</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>48,214.91</td><td>202,081.27</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>4,083.32</td></tr><tr><td>Total</td><td>$48,214.91</td><td>$206,164.59</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>31,781,628</td></tr><tr><td>Total</td><td>$31,781,628</td></tr></table>

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>30,458</td><td></td><td></td></tr></tbody></table>

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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00198022



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 5

## Your Portfolio Holdings (continued)

CASH & CASH EQUIVALENTS (continued)

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,7800%</td><td>DICXX</td><td>31,751,169.53</td><td>1.0000</td><td>31,751,170</td><td>571,521</td><td>1.8000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$31,781,628</td><td>$571,521</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$571,521</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$31,781,628</td></tr></table>



Transaction Detail


## DEPOSITS AND WITHDRAWALS



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/29/02</td><td>DEPOSIT</td><td>ABN &amp; HOLOGRAPHICS SECS OO INSTNL INT HSBC</td><td></td><td>30,225.94</td></tr><tr><td colspan="4">TOTAL</td><td>$30,225.94</td></tr></tbody></table>

## MONEY FUND ACTIVITY

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/27/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>31,702,954.62</td><td></td><td></td><td></td></tr></tbody></table>

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EFTA00198023



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



**5 of 5**



INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)

STATEMENT PERIOD April 27, 2002

## MONEY FUND ACTIVITY (continued)

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/01/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>48,214.91</td></tr><tr><td>05/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>48,214.91</td><td></td><td>48,214.91</td><td></td></tr><tr><td>05/31/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>31,751,169.53</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-48,214.91</td><td>$48,214.91</td></tr></tbody></table>





******* End of Statement*******


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